Cryptocurrency | Wilshire Phoenix Renews its Updated Bitcoin ETF Submission


The American securities commission (SEC) again received a comment about the updated Bitcoin exchange-traded fund (ETF) proposal by the Wilshire Phoenix Fund.

In an official posting posted by the SEC on October 15, Wilshire Phoenix and the NYSE Arca exchange included amendments to their Bitcoin ETF application.

According to the proposal, Coinbase Custody will act as a guardian of the bitcoin trust. However, in an updated version Coinbase will confirm the availability of assets used to secure trust in just five days.


Wilshire caught the attention of the SEC when the ETF got approval for gold, parliament focused on the spot and futures markets. However, gold is also traded in different market segments.

Company added:
"Focusing on the spot market is very appropriate because the spot market is a market where certain ETPs will determine their NAV."

According to the official announcement, a similar approach must be taken for the Bitcoin ETF. Investment companies say that the trust uses "CME CF BRR to determine the NAV of Bitcoin held" which "exclusively uses its Constituent Platform," explains:

"Because the CMR CF BRR is based on the price of Bitcoin on the Constituent Platform and there are no other exchanges, the Sponsor states that the right 'market' must be evaluated to determine whether the 'market' is inherently resistant to manipulation. Independent examination of the CME CF BRR methodology (Paine & Knottenbelt), supports the Sponsor's statement that the CME CF BRR is not vulnerable to manipulation. "

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Cryptocurrency | Wilshire Phoenix Renews its Updated Bitcoin ETF Submission Cryptocurrency | Wilshire Phoenix Renews its Updated Bitcoin ETF Submission Reviewed by sheffter on October 18, 2019 Rating: 5

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